Residential Community Purchase Marks 32nd Acquisition for RISE
WILSONVILLE, OR — RISE Properties Trust (“RISE”) a Canadian real estate trust based in Seattle, announced their purchase of TownCenter Park Apartments, a 111-unit garden-style community located in the Town Center of Wilsonville. The final sales price for the transaction was $30,000,000 ($270,270 per unit).
TownCenter Park Apartments was built in 1991 and offers a mix of floor plans including one-, two-, and three-bedroom apartment homes and townhouses. The community offers residents exceptional access to Wilsonville Town Center and Town Center Park, both just a short walk from the community. Wilsonville is a highly livable city with strong multifamily fundamentals.
Amenities at the community include a clubhouse, fitness center, outdoor pool and spa, and BBQ area. RISE intends to execute on a robust interior and exterior value-add strategy to create a best-in-class, low-density housing option for the neighborhood. Renovations will include a full remodel of the clubhouse and pool area, and a modernization of the unit interiors.
Beau Madsen, Investment Manager at RISE stated, “This transaction marks our fifth Portland metro acquisition over the last year. We are proud to add this high-quality and well-located asset to our portfolio. Going forward, we intend to improve the renter experience and execute on a physical value-add that will enable the asset to better compete with newer communities in the area.”
Including TownCenter Park, RISE owns more than 5,000 units in the Pacific Northwest.
The property will be managed by Thrive Communities, a Seattle-based property management firm with approximately 16,000 apartments under management.
About RISE Properties Trust
RISE Properties Trust is a private Canadian REIT focused on the US multifamily sector in the Pacific Northwest. Through fully-integrated operations, the Trust is able to acquire underperforming apartment properties and improve their operations, cash flow, and value.
About Thrive Communities
Thrive Communities is an award-winning property management firm with approximately 16,000 apartments under management. Their in-house renovation platform has improved over 5,300 apartments on both an occupied and vacant turn process. Thrive’s fully-integrated and hands-on, horizontal team approach ensures each asset is operating at its full potential while maximizing value for its clients.